Riyadh – Mubasher: Saudi Arabia's Tadawul All Share Index shed SAR9 million during 26-30 June on a volatile performance of leading market sectors, hitting the highest liquidity level in three weeks, though.
The benchmark index lost 51.09 points, or 0.78%, to stand at 6,499.88 points, thus holding below 6,500 points for the first time since the week ended on 2 June 2016 at 6482.48 points.
The weekly downturn is mainly ascribed to Sunday's session in which the main gauge slumped 1.1% due to the turbulence of Brexit by which global and oil markets are crashed.
The Saudi Stock Exchange is moving in a downward channel thanks to some external factors,including UK decision to leave the European Union, as well as internal factors, which are the second quarter's financial disclosures and stocks' reassessments, said market analyst Mohamed El Maymony.
On the long-term, he expected the current downturn to last for 100 to 200 days on average. On the short run, the market is moving sideways between the marks of 6200 points and 6,600 points.
In spite of L'azurde's listing with market value reaching SAR 1.6 billion, market capitalization lost SAR 9 billion ($2.4 billion) to SAR 1.50 trillion ($401 billion) from SAR 1.51 trillion ($403.56 billion) registered last week.
Unlike the usual run of transactions during Ramadan, trading value jumped 40.59% week-on-week to SAR 21.7 billion from SAR 15.4 billion, so registering a three-week high level. Likewise, trading volume bounced by 61.5% to 1.4 billion shares, compared with 892 million shares changing hands in the previous week.
Most market sectors, except three ones, came on a lower note during the last week of June. The Saudi bourse saw twelve sectors move down, including the petrochemicals (-1.01%) and banks (-0.58). The only three advancers are the cement (+0.93%), energy (+0.07%), and real estate development (+0.02%).
Out of 170 traded stocks, 117 ones moved down and 53 ones went down. It is noteworthy that Samba Financial Group stayed unchanged at the closing mark of June's third week.
The Saudi Real Estate, Saudi Ceramics, and Arriyadh Development topped the gainers by 10.83%, 6.48%, and 611%, correspondingly.
On the flip side, the top losers were Amana Cooperative Insurance (-8.02%), United Wire Factories, and Allianz Saudi Fransi (-7.04%).
Translated by Ahmed Elsayed Ali
